Yes. You can either use Creative Designer for editing photos on the platform by clicking on the "Design a Creative" button in the Creatives section or if you'd like to just resize it for the placements, you can use placement asset customization.
Placement asset customization allows you to customize the image or video asset you want to appear for each placement on Facebook, Instagram, Audience Network and Messenger.
Use placement asset customization to:
Change your asset. For example, you might upload a destination image on Facebook and a brand-led image on Instagram.
Upload different crops. For example, you'll use 'vertical' aspect ratio for ads in Instagram Stories so your image/video covers the whole mobile screen, grabbing peoples' full attention. Remember that most people hold mobile devices vertically.
Upload trimmed videos. For example, you might upload a shorter video to fit the Facebook in-stream video requirements (0-15 seconds).